Figma’s initial public offer (IPO) Prospectus reveals that the design software company owns around $ 69.5 million from the Bitwise Bitcoin ETF (BITB).
By one July 1A table gives the ETF under Level-1 tradable effects on $ 69.533 million.
The document also stated that on March 3, 2024, the board gave a purchase of $ 55 million permission, which implies that the position has valued around 27% since the acquisition.
A separate memorandum registers a resolution of 8 May to buy $ 30 million USDC “for reinvestment in Bitcoin at a later time”, the company offers an extra pool of Dollar-Pegs capital reserved for future accumulation.
By first collecting a stablecoin, the company can tim conversions without disturbing operational cash and covering price fluctuations in the short term between the approval and execution of the council.
Bitcoin places the disclosure in addition to money market funds, American treasury and business bonds in the Cash Management Mix of Figma.
The importance of $ 69.5 million is equal to around 4% of Figmas $ 1.07 billion in cash, kasequivalents and tradable effects reported on 31 March. The company has not stated the exact number of BITB shares that it has in possession.
Figma’s S-1 runs for a planned list that follows the collapse of Adobe’s $ 20 billion takeover in 2023.
The submission confirms reports that the company confidentially applied for an IPO in April, because stock markets have been reopened for software windows supported by Venture. Figma joins one growing cohort of operating companies who assign part of their treasury to Bitcoin.
The prospectus has not set a timeline for converting the USDC tranche of $ 30 million, although the extra allocation suggests that the company regards Bitcoin as a strategic reserve instead of a short trade.
The submission does not comment on the policy of hedging or limitations. Under US GAAP, non-realized profits on an ETF classified as a security flow by other extensive income, which means that the net income of Mark-to-Market volatility isolate unless shares are sold.
